InsideArbitrage Event Driven Monitor – March 17, 2025
Merger Arbitrage
- NEUE: NeueHealth (NEUE) filed the preliminary proxy statement for its merger with New Enterprise Associates.
- SBT: Sterling Bancorp (SBT) announced the receipt of regulatory approval from the Office of the Comptroller of the Currency for the company’s sale to EverBank Financial. The company also received regulatory approval from the Board of Governors of the Federal Reserve System.
- X: Bloomberg reported that Ancora Holdings has added to its holdings of United States Steel (X) as the activist investor continues to push its case to replace the board and install a new chief executive officer to lead a turnaround of the American steelmaker. Ancora’s position in the Pittsburgh-based steelmaker is now worth more than $100 million, Jim Chadwick, portfolio manager and head of the firm’s Alternatives subsidiary, said in an interview. Chadwick said he continues to buy as it becomes more likely that Nippon Steel’s offer to buy US Steel will fall through.
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